Commonwealth Numbered Acts

HEALTH INSURANCE COMMISSION (REFORM AND SEPARATION OF FUNCTIONS) ACT 1997 No. 159 of 1997 - SECT 35

(1) This section applies to the nominated company if the legal and beneficial
interests in all of the shares in the company have vested in the Commonwealth
under section 34.

(2) The Commonwealth must not transfer any of its shares in the nominated
company.

(3) Neither the Commonwealth nor the nominated company is allowed to do
anything to cause or contribute to either of the following results:

   (a)  that the Commonwealth no longer holds all the shares in the nominated
        company;

   (b)  that the Commonwealth no longer controls the exercise of the total
        voting rights attached to the voting shares in the nominated company.

(4) The following are examples of things that could give rise to a breach of
subsection (3):

   (a)  the issue by the nominated company of shares in the nominated company
        to a person other than the Commonwealth;

   (b)  the Commonwealth agreeing to:

        (i)    hold shares in the nominated company on trust for another
               person; or

        (ii)   exercise voting rights attached to voting shares in the
               nominated company in accordance with the directions,
               instructions or wishes of another person.